Of the many things that gives entrepreneurs sleepless nights, fundraising is the one that takes the cake. Every time you hear or read the news of a startup raising funds, you cannot help but wonder how they did it? How did they get that investor to cut a check of over millions of dollars? What is it that drives investors to invest in startups even amid the pandemic?
Investors, as we know them, are inclined to products and services that solve real customer problems and have potential for high growth. Investors keep a consistent tab on the industries and seek profitable market opportunities. But amid the pandemic, they bet on technology and automation to overcome the massive damage caused to the economy. And, they believe HR automation has the potential to thrive during and after the times of crisis.
The center of gravity of this ecosystem is shifting towards AI-driven solutions.
With millions of people getting unemployed due to recent layoffs, there is going to be a great hiring as we get through the recovery and the wheel of commerce starts rolling. Trust me, the battle to find top talent is going to be fierce. “Recruiters will need tools to effectively find, qualify, and hire the best talent before their competitor,” said Matt Gatto, Managing Director at Insight Partners.
As of right now, most of the solutions existing in the market follow the trend of improving the experience of the end-user. Eyeing the potential for the next big thing, investors have already pushed as much millions of dollars in HR automation. Paradox is one such startup that has designed a platform to help HR teams. Its AI-based assistant helps to schedule interviews, collect feedback, streamline onboarding processes and host virtual events. The Scottsdale, Ariz.-based company recently raised $40 million in Series B funding led by Brighton Park Capital.
Now it’s an open battleground for many other HR automation companies to compete and demonstrate how they are better and cost effective. I entered here with a vision and mission to disrupt the recruitment landscape and provide a one-stop solution for all hiring needs.
HR automation is here to stay and is transforming HR function faster than ever. Right from optimizing the hiring funnel to tackling hiring bias, it is amplifying recruiters’ efficiency by manifolds.
Businesses globally are surely going to bounce back with their operations sooner or later and the hiring is going to pick up again. These businesses will seek solutions to help with the influx of applicants with limited budgets. And that’s when companies like yours and mine are going to serve its real purpose.